If you are looking for an easy way to support the Virginia Museum of Fine Arts, but can’t part with assets today, consider designating us as the beneficiary of your retirement plan assets, insurance policies, or annuities.
These types of gifts are simple and offer peace of mind since they can be altered at any time throughout your lifetime. Consider the following options:
Retirement plan assets make a tax-wise gift to VMFA. If your children are the beneficiaries of your retirement plan assets, federal income taxes may erode up to 37 percent of the amount they receive from your plan. In contrast, as a nonprofit organization, we are tax-exempt and eligible to receive the full amount and bypass any federal taxes.
Life insurance is a low-cost way to provide a large gift. You can name us as primary or contingent beneficiary. If you name us as contingent beneficiary, we will only benefit if your primary beneficiary predeceases you.
Commercial annuities carry an income tax burden, making your named beneficiary responsible for paying the income tax due on the growth of your annuity. The tax burden makes these assets a popular choice to leave to VMFA because we, as the recipient, can eliminate the tax bill on the portion we receive.
How to Name Us as a Beneficiary
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form or simply download the form from your provider’s website.
- Decide what percentage (1–100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the form to your plan administrator, insurance company, bank or financial institution.
Contact Marie Hawthorne, Senior Development Officer, at marie.hawthorne@vmfa.museum or 804.340.1335 to learn more about extending your support beyond your lifetime.